Banking

Banking in Ireland: When should you save and when to invest you money


Savings can be tricky.

Especially in Ireland they can be difficult to navigate as while anyone with a mortgage will be able to tell you that interest rates have increased, many savers wouldn’t know it.




In fact, Irish banks are among the worst in the EU for passing on the higher interest rates set out by the European Central Bank (ECB) onto their savers.

READ MORE: Calls to issue windfall taxes on banks as savers not benefiting from ECB interest rate hikes

However between then, AIB and Bank of Ireland have €60 billion with the ECB that is earning them high interest rates.

The latest ECB interest rates range from 3.75 per cent to 4.25 per cent depending on deposit type.

According to the Competition and Consumer Protection Commission (CCPC), someone who’d like to open a deposit account to save €1,000 per month would earn 2 per cent interest per year at best.



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